First Interstate Chooses Siart to Replace Outgoing Chairman
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First Interstate Bancorp named William Siart, 47, its president since 1990, to replace Edward M. Carson as chairman and chief executive when Carson retires in May.
Siart’s promotion to the bank holding company’s two top spots was widely expected. Carson, who has headed Los Angeles-based First Interstate for the last four years, will turn 65 in November.
Analysts expect few changes in the bank’s corporate strategy. Last month, both executives said they did not want to turn First Interstate into a nationwide banking empire and will instead concentrate on building a “super-regional” bank that does business primarily in the West.
Siart, like Carson, is also expected to want to keep First Interstate independent. Both men have voiced their opposition to informal merger proposals made by Wells Fargo Bank over the past year.
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Prudential Insurance Co. of America elected Arthur F. Ryan, president and chief operating officer of Chase Manhattan Bank, as its new chairman.
Ryan, 52, will join the largest U.S. life insurer on Nov. 1. He will succeed Robert C. Winters, 62, as chairman and CEO on Dec. 1.
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